Canara Robeco vs Rubicon Research vs Canara HSBC Life IPO: Subscription status, GMP & more
Three mainboard IPOs- Canara Robeco AMC, Rubicon Research and Canara HSBC Life Insurance- are open for investors for subscription currently, cumulatively raising over Rs 5,520 crore from investors.
- Oct 13, 2025,
- Updated Oct 13, 2025 12:58 PM IST
Three mainboard IPOs- Canara Robeco Asset Management Company, Rubicon Research and Canara HSBC Life Insurance Company- are open for investors for bidding. However, the former two shall close for bidding today, while the latter one is having its day two. All the three issues are looking to cumulatively raise more than Rs 5,220 crore via their primary offerings.
Canara Robeco Asset Management, is having its last day of subscription on Monday, October 13. The issue saw an overall subscription of 96 per cent as of 12.50 pm. Retail portion was booked 1.18 times, while the HNI portion was subscribed 1.57 times. Quota for qualified institutional bidders was booked only 13 per cent as of the same time.
Canara Robeco AMC is offering its shares in the range of Rs 253-266 apiece with a lot size of 56 equity shares to raise a total of Rs 1,326.13 crore, which is entirely an offer-for-sale (OFS) of up to 4,98,54,357 shares. The offer was launched on Thursday, October 09. Canara Robeco AMC's grey market premium (GMP) stood at Rs 8-10, hinting a listing pop of upto 3-4 per cent.
Strategy focussing on well-diversified product portfolio and strong distribution bodes well, high dependence on bancassurance and relatively lower VNB margins compared to peers is expected to keep valuation multiples at a discount to peers, said ICICIDirect. "It is valued at 1.6 times Q1FY26 EV. At relatively lower valuation, downside risk remains limited, while upside potential seems to be gradual. Thus, we assign 'subscribe' for listing gains," it said.
Rubicon Research, whose IPO shall also close on Monday, October 13, is having its final day of bidding. It has been subscribed 16.66 times as of the same time. Retail portion was booked 17.27 times, while the HNI portion was subscribed 39.47 times. Quota for qualified institutional bidders was subscribed 5.10 times as of the given time.
Rubicon Research is offering its shares in the range of Rs 461-485 apiece with a lot size of 30 equity shares, to raise a total of Rs 1,377.50 crore, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 1,80,92,762 shares. The issue had opened on Friday, October 09. Its GMP has dropped to Rs 95-100 apiece, suggesting a 19-20 per cent listing pop.
Rubicon has had a robust financial performance with revenue growing with a CAGR of 80 per cent whereas PAT has turned around to profitability between FY23-25. The issue is over valued at 55 times PE and 14 times PB. It is well poised for growth owing to its presence in the world’s largest pharma market US and its focus on the same market, said Canara Bank Securities.
"Rubicon has consistently got approval for NDA/ANDA as in FY23/24/25 as 12/14/12. With Its high commercialization rate of 86.4 per cent the company has demonstrated the effectiveness of its data driven product selection approach. However high exposure to the US and changing global landscape around tariffs do raise a concern," it said with a 'subscribe' rating for high risk investors.
Canara HSBC Life Insurance Company, whose IPO opened for bidding on Friday, October 10 and will close on Tuesday, October 14, has been subscribed only 15 per cent on its day two so far Retail portion was booked 23 per cent, while the HNI portion was subscribed 10 per cent. Quota for qualified institutional bidders was subscribed only 3 per cent as of the given time.
Canara HSBC Life is offering its shares in the range of Rs 100-106 apiece with a lot size of 140 equity shares, to raise a total of Rs 2,517.50 crore. The issue is entirely an offer-for-sale (OFS) of up to 23.75 crore equity shares. Last heard, the issue commanded a grey market premium (GMP) of Rs 2 apiece, suggesting flat listing gains for the investors.
"Canara HSBC demonstrates a broad customer base and deep market reach, underscoring the trust and confidence policyholders place in its life insurance offerings, " said BP Equities. The issue is currently valued at a P/EV of 1.6 times (FY25), which appears attractive in comparison to industry peers, indicating potential undervaluation as growth and profitability sustain," it said with a subscribe' rating.
Three mainboard IPOs- Canara Robeco Asset Management Company, Rubicon Research and Canara HSBC Life Insurance Company- are open for investors for bidding. However, the former two shall close for bidding today, while the latter one is having its day two. All the three issues are looking to cumulatively raise more than Rs 5,220 crore via their primary offerings.
Canara Robeco Asset Management, is having its last day of subscription on Monday, October 13. The issue saw an overall subscription of 96 per cent as of 12.50 pm. Retail portion was booked 1.18 times, while the HNI portion was subscribed 1.57 times. Quota for qualified institutional bidders was booked only 13 per cent as of the same time.
Canara Robeco AMC is offering its shares in the range of Rs 253-266 apiece with a lot size of 56 equity shares to raise a total of Rs 1,326.13 crore, which is entirely an offer-for-sale (OFS) of up to 4,98,54,357 shares. The offer was launched on Thursday, October 09. Canara Robeco AMC's grey market premium (GMP) stood at Rs 8-10, hinting a listing pop of upto 3-4 per cent.
Strategy focussing on well-diversified product portfolio and strong distribution bodes well, high dependence on bancassurance and relatively lower VNB margins compared to peers is expected to keep valuation multiples at a discount to peers, said ICICIDirect. "It is valued at 1.6 times Q1FY26 EV. At relatively lower valuation, downside risk remains limited, while upside potential seems to be gradual. Thus, we assign 'subscribe' for listing gains," it said.
Rubicon Research, whose IPO shall also close on Monday, October 13, is having its final day of bidding. It has been subscribed 16.66 times as of the same time. Retail portion was booked 17.27 times, while the HNI portion was subscribed 39.47 times. Quota for qualified institutional bidders was subscribed 5.10 times as of the given time.
Rubicon Research is offering its shares in the range of Rs 461-485 apiece with a lot size of 30 equity shares, to raise a total of Rs 1,377.50 crore, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 1,80,92,762 shares. The issue had opened on Friday, October 09. Its GMP has dropped to Rs 95-100 apiece, suggesting a 19-20 per cent listing pop.
Rubicon has had a robust financial performance with revenue growing with a CAGR of 80 per cent whereas PAT has turned around to profitability between FY23-25. The issue is over valued at 55 times PE and 14 times PB. It is well poised for growth owing to its presence in the world’s largest pharma market US and its focus on the same market, said Canara Bank Securities.
"Rubicon has consistently got approval for NDA/ANDA as in FY23/24/25 as 12/14/12. With Its high commercialization rate of 86.4 per cent the company has demonstrated the effectiveness of its data driven product selection approach. However high exposure to the US and changing global landscape around tariffs do raise a concern," it said with a 'subscribe' rating for high risk investors.
Canara HSBC Life Insurance Company, whose IPO opened for bidding on Friday, October 10 and will close on Tuesday, October 14, has been subscribed only 15 per cent on its day two so far Retail portion was booked 23 per cent, while the HNI portion was subscribed 10 per cent. Quota for qualified institutional bidders was subscribed only 3 per cent as of the given time.
Canara HSBC Life is offering its shares in the range of Rs 100-106 apiece with a lot size of 140 equity shares, to raise a total of Rs 2,517.50 crore. The issue is entirely an offer-for-sale (OFS) of up to 23.75 crore equity shares. Last heard, the issue commanded a grey market premium (GMP) of Rs 2 apiece, suggesting flat listing gains for the investors.
"Canara HSBC demonstrates a broad customer base and deep market reach, underscoring the trust and confidence policyholders place in its life insurance offerings, " said BP Equities. The issue is currently valued at a P/EV of 1.6 times (FY25), which appears attractive in comparison to industry peers, indicating potential undervaluation as growth and profitability sustain," it said with a subscribe' rating.